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Water companies were warned last night to clean up their corporate governance and become more transparent or continue to be accused of tax avoidance and of being run solely for the benefit of shareholders.

Jonson Cox, in his first state-of-the-industry speech since becoming the chairman of Ofwat last year, said he believed that the privatised regional supply monopolies were in danger of losing the trust of customers.

Speaking at the Royal Academy of Engineering, Mr Cox said that the companies appeared not to have understood the anger of householders at rising prices when dividends and payouts to shareholders had soared